If a raise in fees or APR has caused you to reduce the number of credit cards in your wallet, you should know it's not as simple as taking a pair of scissors to plastic. Cancelling credit cards can have a major impact on your credit score – and there's plenty of conflicting advice out there over whether it's good or bad.

Time to clear up the confusion! Watch our video below to learn the right way to close out a credit card account and how to keep it from negatively impacting one of your most crucial personal finance assets – your credit score.